Who's Managing North Dakota's Riches; Oops, I Did It Again -- I Started A Joke

Who's managing North Dakota's riches? The Dickinson Press is reporting:

North Dakota has been in the investment game for more than a century, starting with the trust lands established at statehood to support schools and colleges. But it’s only since the latest oil boom began that the state’s really been a major player.

The state Legacy Fund, a lock box for a portion of the state’s oil-tax wealth that was created in 2010, is now worth about $2.2 billion. The state Department of Trust Lands, which leases out North Dakota’s oil-bearing property, has about $4.6 billion — an increase of about 350 percent from fiscal year 2009, when the boom was just beginning.

And that doesn’t include another $7.2 billion in pensions and various other investment funds.

Managing the money:

Two agencies are largely responsible for investing North Dakota’s wealth in the financial markets. The Retirement and Investment Office has most of it, including the Legacy Fund. The Department of Trust Lands has the rest.

At the top of the organizational chart for each agency is a governing board. The RIO is governed by the 11-member State Investment Board with Lt. Gov. Drew Wrigley as chairman, while Trust Lands is governed by the five-member Land Board, with Gov. Jack Dalrymple as chairman.

Some of the advisors:

Some management firms, such as Goldman Sachs and JPMorgan, are well-known. Others, such as InvestAmerica in Cedar Rapids, Iowa, are low-key.

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Last night my only problem was deciding which video of "I Started A Joke," by the Bee Gees, to use.

That problem resolved itself. Tonight, I can upload the other video of "I Started A Joke" by the Bee Gees.

I Started A Joke, The Bee Gees
McClatchyDC is reporting Vice President apologizes for the second time in two days for starting a joke that wasn't very funny.